Funding your Learning
24+ Advanced Learning Loan
Aged 24 or over?
Looking to study for a professional qualification?
If so you may qualify for a new 24+ Advanced Learning Loan.
The government has recently launched the 24+ learning loan scheme, designed as a cost effective method to help you fund your career development training.
Most learners aged 24 and over studying for a Level 3 or 4 qualification will qualify.
- It's easy to apply – at your nearest DBC centre, online or by post
- No credit check necessary
- Not means tested – household income isn't taken into account
- You will only have to start paying anything back when your income is over £21,000pa
- Even then repayments will be very affordable and only due whilst you are working
Am I eligible?
- Be 24 years old or older when you start your course
- You can be either working or not currently in work
- Have lived in the UK or EU for the last three years
- Hold a current passport (and visa if required)
- Be living in the UK on the first day of your course
How much can I apply for?
- You can usually apply for the full cost of the course
- The amount of loan will depend upon the cost of the course. See the individual programmes below for their costs
- When you have finished one qualification you can apply for a second. The maximum is four loans in your lifetime
How do I apply?
It is quite simple to apply for a loan. When we discuss the choice of programmes with you we will also show you how to apply and help you with the application if you wish. You will be able to apply online or by post to the Student Loan Company who manage this loan scheme.
How do I pay back the loan?
- You will only start paying back the loan once you finish your course and start earning more than £21,000
- Each month you only pay back 9% of any income above £21,000. For example, if you earn £25,000 your monthly repayment would only be £30
- If you're income drops below £21,000 your repayments will stop
- If you stop working your payments will stop